However, the headline belied some good news in the underlying
figures.
Personal consumption jumped 2.9 percent; economists were
looking for 2.3 percent. Also government spending fell 5.9
percent, which confirms that they're not the ones driving this
economy.

The deceleration in real GDP in the first quarter primarily
reflected a deceleration in private inventory investment and a
downturn in nonresidential fixed investment that were partly
offset by accelerations in PCE and in exports.